My first rental

[Eddie Weber]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $175,000
Cash invested: $5,000

Single family home in Jacksonville, Florida. I have owned this house now for ten years and I have been renting it out since 2017. During the three years I lived in the house I house hacked and rented two rooms out. The money from the two bedrooms rented was able to pay for my mortgage.

What made you interested in investing in this type of deal?

I was first looking to buying a house to live in during my time in the military. After leaving the military and having to move I did not want to get rid of my house. I bought the house for $175,000 and now it is worth almost $350,000.

How did you find this deal and how did you negotiate it?

It was also a brand new build in 2014 close to the military base.

How did you finance this deal?

I used the VA loan.

How did you add value to the deal?

I pressure washed my house, I repainted the walls inside, and I also added blinds to all the windows. Value of the house really went up when they built a new Walmart in the area.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with an agent to buy the house. I also have a rental mortgage company that takes care of the rental and I pay them a 10 percent fee. I do not live in the area anymore and it makes it a lot easier on me to have a rental company handling everything. If I lived in the same area as my rental I would manage it myself. One recommendation is to constantly stay in contact with the rental management company.